Meme coins, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are under pressure as the broader crypto market struggles to regain momentum. DOGE and SHIB exhibit signs of weakness following a close below their key levels, while PEPE clings to a crucial support level, with a breakdown likely to accelerate its ongoing correction.
Dogecoin price closed below its 200-day Exponential Moving Average (EMA) at $0.21 on Thursday and declined by nearly 10% the next day. At the time of writing on Monday, it trades lower, approaching its weekly support at $0.18.
If DOGE corrects and closes below its weekly level at $0.18 on a daily basis, it could extend the decline to the next support level at $0.15.
The Relative Strength Index (RSI) on the daily chart reads 39, below its neutral level of 50, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also displayed a bearish crossover, indicating a potential sell signal and a correction ahead.
DOGE/USDT daily chart
If DOGE recovers, it could extend the recovery to retest its 200-day EMA at $0.21.
Shiba Inu price closed below its 50-day EMA at $0.0000139 on Thursday and declined by 8.13% the following day. At the time of writing on Monday, it hovers at around $0.0000127.
If the 50-day EMA holds as resistance, SHIB could extend its decline by 10% from its current levels, potentially retesting its April 16 low of $0.0000114.
The RSI on the daily chart reads 38, below its neutral level of 50, indicating bearish momentum. The MACD indicator also displayed a bearish crossover. It also shows rising red histogram bars below its neutral level, indicating a correction ahead.
SHIB/USDT daily chart
If SHIB recovers, it could extend the recovery to retest its 50-day EMA at $0.0000139.
Pepe price declined by more than 13% last week as a bearish divergence played out. However, it retested and found support around its 50-day EMA at $0.0000113 on the weekend. At the time of writing, it trades around $0.0000115.
If PEPE closes below the 50-day EMA, it could extend the decline to retest its next daily support at $0.0000103.
The RSI on the daily chart reads 44, below its neutral level of 50, indicating bearish momentum. The MACD indicator also displayed a bearish crossover. It also shows rising red histogram bars below its zero line, indicating a correction ahead.
PEPE/USDT daily chart
However, if the PEPE price finds support around its 50-day EMA at $0.0000113, it could extend the recovery to retest its daily resistance level at $0.0000121.